Investing.com – Looks like oil bears are calling the bluff on the much-hyped U.S. sanctions on Iran.
After a one-day pause, crude futures extended their rout from October, tumbling as much as 2% as details of import waivers granted to buyers of Iranian crude gave the impression that it could be business as usual for Tehran (for another six months at least).
Worries that Republicans might lose control of Congress in Tuesday’s midterm elections, a specter that could cause serious challenges to President Donald Trump’s policies and leadership, also weighed on the market, analysts said.
U.S. WTI settled down 89 cents, or 1.4%, at $62.21 per barrel. It has lost almost 20% since hitting four-year highs of nearly $77 in early October, technically pushing it into a bear market.
U.K. Brent crude, the international benchmark for oil, fell $1.17, or 1.6%, to $72 per barrel by 2:51 PM ET (19:51 GMT). That was about 16% off its four-year highs above $86 hit last month.